The situation highlights the largely Canadian quandary faced by both the banks and their investors. Even in their quest to shrink financing for big emission-producers, the lenders cannot withdraw from an industry that accounts for about a tenth of the economy, despite its being responsible for over a quarter of emissions.
“The challenge with the current push to divest banks because they’re involved in fossil fuels is that these are the very same banks critical to help meet many of our goals in alternative energy and sustainable financing,” said Jamie Bonham, director of corporate engagement at NEI Investments, which holds shares of the five banks.
Reports from the banks show none of the proceeds of green bonds they issued last year went to renewable projects by traditional energy companies.Their reluctance to step away from financing fossil fuels makes them laggards compared to their global counterparts, particularly European ones like
It's all about priorities... amazing how fast companies adjusted to COVID last year ... when something needs to be done almost anything is possible. Banks and Investors have not made the emissions target a priority.
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